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Daily Currency Snapshot

The rupee depreciated yesterday amid a strong dollar and muted domestic markets. Further, focus remained on FOMC meeting where the Fed is likely to raise interest rates by 75 bps and provide hints on future monetary stance

The dollar regained strength after Federal Reserve Chair Powell said it was premature to discuss a pause in its hiking of interest rates to combat soaring inflation. The Fed raised its interest rates by 75 bps and signalled plans to keep raising them possibly in smaller increments but to higher levels than previously anticipated

 The Euro depreciated yesterday amid a strong dollar and risk aversion in global markets. Further, the single currency slipped on disappointing economic data from the euro area. Manufacturing PMI data showed activity contracted more sharply than initially estimated in October

The pound depreciated yesterday on the back of a strong dollar and pessimistic global market sentiments. Stocks sank after the Fed again sharply raised interest rates to combat soaring inflation. Meanwhile, investors remained cautious ahead of Bank of England’s monetary policy where the central bank is likely to raise rates by 75 bps

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